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Spot bullion rose by as much as 2.1 per cent after the United States President threatened a 50 per cent tariff on goods from the European Union starting on June 1, saying “our discussions with them are going nowhere.” U.S. equity futures fell. Trump also threatened Apple with a tariff of at least 25 per cent if it does not manufacture its iPhones in the U.S.
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Bullion has surged by more than a quarter this year and is about US$150 below the all-time-high reached last month. Its ascent has been underpinned by the fallout from the U.S.-led tariff war, which sent investors fleeing from equities exposed to the disruptions in trade.
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Concerns about the fiscal position of the U.S. government have also supported demand for haven assets. After the decision by Moody’s Ratings to strip the U.S. of its top credit rating, investors are now concerned that President Donald Trump’s signature tax bill — which passed the House and now goes to the Senate — will boost the already swelling deficit.
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Yields on 10-year U.S. Treasuries pushed higher this week, hovering around 4.5 per cent. In earlier years, such a move would have been a major headwind for gold as it doesn’t pay interest, with bullion prices and yields typically moving inversely. That correlation has now weakened, as investors forgo higher interest payments for safe havens.
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Meanwhile platinum rose to the highest in two years and is on track for a weekly gain of more than 10 per cent, the biggest such advance in more than four years.
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Gold traded 1.9 per cent higher to US$3,357.78 an ounce as of 11:33 a.m. in New York. The Bloomberg Dollar Spot Index slipped 0.6 per cent, on course for a weekly drop. Silver advanced while palladium slipped.
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—With assistance from John Deane, Jason Scott, Yihui Xie and Yvonne Yue Li.
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